The 8980 Building (fka La Jolla Innovation Center) is a state-of-the-art facility featuring 110,00 SF of office and educational space. The new building will serve as the headquarters for the UC San Diego Division of Extended Studies, featuring classrooms, training spaces and administrative office space. Developed on seven acres adjacent to UCSD’s main campus, the 7-story Class A building will also feature a ground floor café, 275 parking spaces, and sustainable design features.
The 8980 Building was developed as a Public-Private Partnership (P3) between UCSD and GPI Companies (GPI) using a sale/long-term leaseback structure whereby UCSD purchased the site and leased it back to GPI. The sale/leaseback transaction structure allows GPI to take advantage of State of California exemptions from local land use regulatory authority and Development Impact Fees (DIFs).
KMA assisted UCSD with financial pro forma analyses and negotiations support for this complex P3 transaction. KMA determined the value of entitlement benefits accruing to GPI as a result of the proposed sale/leaseback structure. UCSD will receive a financial credit for the value of the entitlement benefits. The 8980 Building officially opened with a ribbon cutting ceremony held July 24, 2024.
